Markets & Finance

FDA Declines ImClone's Drug Filing

December 30, 2001

The Food and Drug Administration advises ImClone Systems (IMCL) that it is not accepting for filing in its current form the company's Biologics License Application for Erbitux, a treatment for colorectal carcinoma. Merrill downgrades the stock to long term buy, while UBS Warburg cuts estimates and target.

Oracle Corp. (ORCL) says that it plans to cut 400-800 jobs, mainly at its North American consulting and sales operations. CIBC World maintains buy rating.

America West (AWA) rose after the Federal Air Transportation Stabilization board approved a $380 million loan guarantee for AWA.

Great Plains Energy (GXP) says its indirect subsidiaries DTI Holdings and Digital Teleport will both file for Chapter 11 bankruptcy protection. GXP will record an after-tax charge in the fourth quarter of about $125 million, or $2.02 per share.